| Report Code: A11310 | Pages: 265 | May 2021 | 15021 Views | ||
| Author(s) : Snehal M, Rutuja D , Eswara P | Tables: 212 | Charts: 65 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Green Hydrogen Market
Request Now !Global green hydrogen market size was valued at $0.3 billion in 2020, and is projected to reach $9.8 billion by 2028, growing at a CAGR of 54.7% from 2021 to 2028. Green hydrogen is made from regenerative energy sources through water electrolysis. With the help of electric current, water is divided into oxygen and hydrogen in an electrolyzer and grey hydrogen derived from fossil fuels is differentiated (such as natural gas) and chemical properties of hydrogen are underappreciated. Hydrogen is safe for atmosphere and can be stored and converted into electricity or heat as required. Green hydrogen is a major component of energy equation and hydrogen is regarded as a primary potential renewable energy resource. It is one of the most important circular carbon economy (CCE) approaches as it is generated using solar energy. It is generated using renewable energy sources as compared to carbon-based energy found in natural gas and other fossil fuels.
The green hydrogen market was hampered in first and second quarter of 2020, owing to lockdown in major countries. However, the market recovered in the third and fourth quarter, majorly in North America and Europe regions.
Green hydrogen has been in high demand in recent years, owing to its ability to reduce carbon emissions. It also contributes toward meeting growing demand of energy across the globe. It is a sustainable energy source, hence its use is expected to increase in the future. Growth in awareness regarding the use of hydrogen as an energy carrier is expected to propel growth of the global market. In addition, growth in environmental issues drive the market expansion, highlighting the need for renewable/clean energy generation to reduce emission levels. Furthermore, rise in use of nuclear and green hydrogen fuels growth of the green hydrogen industry. However, initial investment requirements for setting up hydrogen infrastructure as well as prohibitive maintenance costs are the major factors that limit the green hydrogen market growth.
The global green hydrogen market is segmented on the basis of technology, application, end-use industry, and region. By technology, the market is classified into proton exchange membrane electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer. By application, it is segmented into power generation, transport, and others. By end-use industry, it is divided into food & beverages, medical, chemical, petrochemicals, glass, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the key players operating in the global green hydrogen market are Ballard Power Systems, Enapter, Engie, Green Hydrogen Systems, Hydrogenics, Nikola Motors, Plug Power, SGH2 Energy Global LLC, Shell, and Siemens Gas and Power GmbH & Co. KG.
By technology, the alkaline electrolyzer segment has the largest market share, owing to its higher operating time capacity and low capital cost. In addition, the segment is expected to expand at a faster pace during the forecast period.
By application, the power generation segment dominated the market share for 2019, owing to demand from the industrial sector for on-site electrolyzer setup.
By end-use industry, the chemical sector is a major producer of by-product hydrogen, which is consumed within the sector as well as distributed for industrial use.
By region, among all regions, the global market is dominated by Europe. A large number of green hydrogen projects in the area are supporting business development. The area emphasizes renewable energy generation and has a large supply of hydrogen.
Impact Of Covid-19 On The Global Green Hydrogen Market
The green hydrogen industry was unaffected by COVID-19 disruption. However, coronavirus-related lockdowns posed a number of problems for industry participants, including disrupted supply chains, logistical difficulties in shipping end goods, and recruiting staff from quarantines.
In addition, the pandemic ensured a strong rise in renewable energy market, resulting in constant increase in energy demand. The renewable energy market grew steadily during 2020, owing to increase in energy demand from industrial sectors. Following relaxation of lockdown mandates in many countries, the green hydrogen market is quickly returning to normal and is expected to pick up even further.Â
Key Benefits For Stakeholders
Key Market Segments
By Technology
By ApplicationÂ
By End-use industry
By Region
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As per CXOs of leading companies, the global green hydrogen market is moving toward growth stabilization phase in its industry life cycle. Factors such as growth in demand from food & beverages, medical, chemical, petrochemicals, electronics, and glass industries propel the market growth. In 2019, in terms of share, the alkaline electrolyzer segment led the global green hydrogen market. Demand for alkaline electrolyzers is growing, owing to new approaches toward solid alkaline exchange membranes and promising market development. In addition, rise in concerns about carbon emissions, as well as need to decarbonize manufacturing, commercial, transportation, and power sectors, have compelled countries to reduce their reliance on fossil fuel-based systems and increase investments in low-carbon alternatives, such as green hydrogen.
Green hydrogen is gaining popularity as a source of energy and a CO2-free feedstock for the chemical industry around the world. As a result, demand for industrial electrolysis plants capable of producing green hydrogen at a low cost is on the rise. During the forecast period, Europe is expected to account for majority of the global green hydrogen industry. The area is investing heavily in the renewable energy sector to fulfill European Union's 2020 plan, which calls for renewable energy to account for 20% of total final energy consumption.
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A. Key factors driving the growth of the green hydrogen market include a rise in environmental concerns to curb carbon emissions and to switch to cleaner fuels to attain sustainable development.
A. Petrochemicals and food & beverages application is projected to increase the demand for green hydrogen market
A. To get latest version of green hydrogen market report can be obtained on demand from the website.
A. Ballard Power Systems, Enapter, Engie, Green Hydrogen Systems, Plug Power and Siemens Gas and Power GmbH & Co. KG. are the top companies in the green hydrogen industry
A. The market value of green hydrogen in the forecast period is anticipated to be $9.8 Billion.
A. The top ten market players are selected based on two key attributes - competitive strength and market positioning
A. Power generation is the leading segment in this market
A. Increasing research and development for green hydrogen is the main factor anticipated to drive the green hydrogen market.  Â
A. The expansion of power generation is expected to boost demand for green hydrogen, thus boosting the growth of the global market during the projected period.
A. Owing to the outbreak of the COVID-19 pandemic, the global green hydrogen market is expected to witness a slowdown during the next couple of years. However, the pandemic ensured a strong rise in renewable energy market, resulting in constant increase in energy demand is expected to boost the growth of the global market during the forecast period.
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